SITI Networks discloses defaults on term loans of Rs 1,206 cr to 8 lenders

Loan NpaCredit & Debt View source PDF Explain this filing

SITINET · price

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Price reactionminutes from the announcement price · days from the prior close

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Nifty Microcap 250market · in no size index; the smallest one is used+1.3%-1.3% vs market

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AI summary

SITI Networks has disclosed defaults on term loan instalments to 8 lenders including ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, IndusInd Bank, Vani Agencies, and ICNCL. Date of default is June 30, 2026, continuing beyond 30 days. Total financial creditor claims stand at about Rs 1,206 crore as on August 10, 2023. The company has been under Corporate Insolvency Resolution Process since February 2023, with multiple ongoing appeals before NCLAT and Supreme Court regarding creditor claims.

Likely market impact

Existing CIRP and continued loan defaults highlight severe financial distress; equity holders face significant dilution or wipeout risk under IBC resolution process.